When Hughes Hubbard released bonus information last year, a lot of associates were angry. Last year, Hughes Hubbard tied the “special bonus” to billable hours.
At the time, the firm promised that 2008 bonuses would be better.
Of course, that was before the great 2008 whatever the hell we’re living through. Few expected HHR to keep their bonus promise. But the structure that HHR released Sunday seems very generous and fair in light of market conditions:
Class of 2001 and above:
Tier 1: $32,500
Tier 2: $65,000
Tier 3: $85,000
Tier 4: $105,000
Class of 2002:
Tier 1: $30,000
Tier 2: $60,000
Tier 3: $80,000
Tier 4: $100,000
Class of 2003:
Tier 1: $27,500
Tier 2: $55,000
Tier 3: $75,000
Tier 4: $95,000
Class of 2004
Tier 1: $25,000
Tier 2: $50,000
Tier 3: $70,000
Tier 4: $90,000
Class of 2005:
Tier 1:$22,500
Tier 2: $45,000
Tier 3: $ $60,000
Tier 4: $75,000
Class of 2006:
Tier 1: $20,000
Tier 2: $40,000
Tier 3: $55,000
Tier 4: $ 70,000
Class of 2007:
Tier 1: $17,500
Tier 2: $35,000
Tier 3: $50,000
Tier 4: $65,000
Tipsters are happy:
That’s pretty sweet – everyone’s pretty happy for now (although 2009 bonuses and salaries are still “under consideration”). Tier 1 is 1950 hours, tier 2 is 2100, … tier 3 is 2300 and tier 4 is 2500. … Since HHR counts pro bono hours 1 for 1 as billable, and a number of associates have TONS of pro bono it’s not quite as hard to meet the “tiers” and rake in a pretty sweet bonus.
Good news for Hughes Hubbard people. Congratulations.
Read the full memo after the jump.
HUGHES HUBARD & REED — MEMO — ASSOCIATE BONUSES
As we begin the new year, we thank you for all your hard work on behalf of the Firm and our clients. Your efforts have contributed greatly to the Firm’s success.
In recognition of those efforts, we will award bonuses for 2008 to those associates who have made significant contributions to the Firm, implementing the enhanced bonus program we announced in November 2007 for the year 2008. As always, eligibility for bonus awards is based on client hours worked, quality of work and client service, intensity of effort, hardship and other discretionary factors set out in OPM 404.
Our salary and bonus program for 2009 is under consideration by the Firm’s Executive Committee. We expect to announce the details of that program in a couple of weeks.
We will be commencing associate performance evaluations later this month. Adrian Cockerill will circulate a suggested form of accomplishment summary; we encourage you to complete that summary and to include discussion of significant client and pro bono work you did in 2008. Please provide a copy of the portion of your accomplishment summary dealing with pro bono work to Vilia Hayes, chair of the Pro Bono Committee. Pursuant to OPM 404, we expect that, as a general rule, and in order to be eligible for the treatment of pro bono hours as noted in the next sentence, associates will perform at least 200 quality G.O. hours. However, on specific recommendation of the Pro Bono Committee in individual cases, hours worked on pro bono matters will be counted in the calculation of billable hours worked without regard to that minimum.
We expect 2009 to be a year of extraordinary challenges, as we and our clients face unprecedented and uncertain economic conditions. This will require each of us to work even harder and smarter than before. In everything we do, we must continue to strive to provide high-quality, responsive service to our clients and our colleagues. In addition, efforts on business development and work to promote the Firm’s stature in our core areas of expertise will be more important than ever. We know that we can count on you to rise to the challenge and do everything possible to help in this important effort.
We thank you again for all or your hard work and contributions to the Firm in 2008. We look forward to working with you in 2009.
